Titled Splash!, the show will feature the Olympic bronze medal-winner teaching famous faces one of the hardest sporting disciplines in the pool.
Celebs will be challenged by Daley to mix "determination, drive and daredevil stunts as they don their swimwear and take to the water".
With professional coaches, an Olympic-sized pool and a panel of expert judges, the celebrities will have to display grace, skill and athleticism in front of a live audience.
Daley said: "2012 has been a wonderful year for me - an Olympic medal and Double Gold at the Junior World Champs! What better way to round it off by becoming involved in this great new show; a dream come true for me - an entertainment show all about diving!
"I'll be helping the celebrities as they master a dangerous and exciting sport and I can't wait to get started."
The show is based on a hit Dutch format, Celebrity Splash, which was Holland's number one entertainment show last season.
ITV's director of entertainment and comedy Elaine Bedell said: "Splash! promises thrills, spills and a touch of comedy as famous faces take to the celebrity diving board."
Co-MD of Eyeworks Distribution Jeff Goldman said: "We were thrilled about the success of our family-fun entertainment format Celebrity Splash in Holland and more so when it was the hottest format of this year's television market selling in the world's biggest television markets.
"We look forward to now bringing it to UK, and especially with ITV and Tom where we think it is the best home for audiences to enjoy its mix of fun, suspense, daredevil stunts and touch of humour all centred around the beauty of diving and inevitably making Splash! a hit in the UK."